政策半月观：2026年“抢开局”5大看点

Policy Highlights - The focus of recent policies is on "grabbing the start" for 2026, with five key areas of emphasis, including early policy implementation and support for new industries[2] - The 2026 "Two New" policy was released on December 30, 2025, aiming for a smoother subsidy rhythm, with total funding expected to be lower than the 300 billion yuan allocated in 2025[2][8] - The Ministry of Finance announced a new tax policy for personal housing sales, reducing the VAT rate from 5% to 3% for properties sold within two years, and exempting properties sold after two years in major cities[8][33] Economic Measures - The State Council emphasized the importance of the national water network construction as a key driver for expanding domestic demand, with significant investment and multi-department collaboration required[3][15] - The central bank's fourth-quarter monetary policy meeting indicated a focus on maintaining low financing costs and enhancing policy effectiveness, with potential adjustments in reserve requirements and interest rates in Q1 2026[5][24] Local Initiatives - Local governments are proactively implementing measures to support service consumption and financial technology, with provinces like Zhejiang and Guangdong taking the lead in economic recovery efforts[9][36] - Beijing has relaxed housing purchase restrictions, which may prompt other major cities to follow suit, aiming to stabilize the real estate market[11][36] Industry Policies - The China Securities Regulatory Commission finalized the public fund sales fee reform, which is expected to benefit investors by over 50 billion yuan annually[7][25] - The "old for new" policy for 2026 will see a shift from broad subsidies to more targeted support, with total funding likely to be around 250 billion yuan, down from 300 billion yuan in 2025[2][29]